Ann: Exceptionally Strong Scoping Study Findings, page-19

Stage 1 Payback is 2.9yrs.
Stage 2 Payback is 1.7yrs.

Stage 2 begins in yr.5.

By end of yr7 we are producing 300,000t/annum.

Assumed price/t is $795AUD
Operating costs/t are $339 AUD

300,000 x (795-339) = $136.8millionAUD/annum pre tax for at least another 13yrs.

NPV = $500million AUD pre tax (discount rate is 10%)

From net....
The net present value (NPV) or net present worth (NPW)is a measurement of the profitability of an undertaking that is calculated by subtracting the present values (PV) of cash outflows (including initial cost) from the present values of cash inflows over a period of time.

VERSUS

221,454,213 shares on issue at 13cps,
giving a current Market Cap of $28.8mAUD.

Note, a further c.21.5 million shares may be allocated if options vest.

Seems pretty straight forward to me. Seems unusual that a shareholders first response to a strong announcement would be to dig in and look for any negative.

Bottom line is that we're competitive and we can make enough money to justify and grow our cap. This is well and truly achieved.